Ireland's tallest building repossessed

Ireland’s tallest building has effectively been repossessed, it has been confirmed.

The 85m-high Obel Tower in Belfast was built at the height of the property boom but administrators have been called in because its owners owe the bank millions.

An official notice on the Belfast Gazette web page — the government publication for details of insolvency and company law — said KPMG had been appointed after building contractors and construction companies Obel Ltd, Obel Offices Ltd and Donegall Quay Ltd which control the massive building, applied for insolvency.

The 28-storey skyscraper was built at Donegall Quay in 2005 for £75 million (€90m).

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